https://www.taxtmi.com/caselaws?id=784927 Whether non-deposit in CGAS under s.54(2) defeats exemption where the assessee purchased a new residential house within the period specified by s.54(1). Relying on Venkata Dilip Kumar (Madras HC), the Tribunal held that s.54(1) imposes the substantive, mandatory condition (investment of LTCG in new house within the prescribed period), whereas s.54(2) is procedural/directory and operates only when s.54(1) is not complied with. Because the substantive requirement of s.54(1) was fulfilled, failure to comply with s.54(2) did not bar the exemption; deduction under s.54 allowed for the entire amount. en-us Wed, 24 Dec 2025 00:00:00 +0530 Tue, 13 Jan 2026 11:49:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=784927 Whether non-deposit in CGAS under s.54(2) defeats exemption where the assessee purchased a new residential house within the period specified by s.54(1). Relying on Venkata Dilip Kumar (Madras HC), the Tribunal held that s.54(1) imposes the substantive, mandatory condition (investment of LTCG in new house within the prescribed period), whereas s.54(2) is procedural/directory and operates only when s.54(1) is not complied with. Because the substantive requirement of s.54(1) was fulfilled, failure to comply with s.54(2) did not bar the exemption; deduction under s.54 allowed for the entire amount. Case-Laws Income Tax Wed, 24 Dec 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=784927